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Get your taxes done using TurboTax
The 1099-S has a limited amount of information. The two most common pieces of information are
- (Box 1 Date of Closing) and
- (Box 2 Gross Proceeds)
You should have been asked for both of these.
You also were asked for the cash basis in the home. This would include:
- The original purchase price
- Improvements
-
Additional closing costs from the original purchase
- Tax stamps,
- Attorney fees,
- Title insurance,
- Title search and
- Document preparation fees.
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March 2, 2021
9:22 AM